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Investment and DB scheme funding

Investment governance and strategy, and defined benefit (DB) pension scheme funding requirements relating to risk management, employer covenant, scheme valuations and recovery plans.

Deciding your funding approach

Make sure your approach to DB funding is balanced and reflects the employer’s circumstances without compromising what you believe to be appropriate for the scheme and in members' best interests.

Integrated risk management

Use integrated risk management to identify, manage and monitor risks that can affect the funding objectives for your DB pension scheme.

Employer covenant: overview

As part of the funding approach for your DB pension scheme, you should understand the current strength of the employer covenant and how it could change in the future.

DB investment: overview

An overview of what to consider when you look at the investment strategy and governance for a DB pension scheme.

Valuing your scheme

You must regularly commission valuations by an actuary to check your DB scheme is appropriately funded. If your scheme doesn’t meet the statutory funding objective, you must put a recovery plan in place.

Recovery plans

If your DB pension scheme doesn’t meet its statutory funding objective, you must put an appropriate recovery plan in place to return it to full funding. You must submit your recovery plan to us.

Employer distress and insolvency

How to monitor the employer’s ability to support the pension scheme and actions to take if signs of distress are displayed.

DB scheme costs comparison tool

A tool for viewing highlights from our DB scheme running costs research and comparing costs information for schemes of a similar size.

Detailed guidance

DB and DC investment governance and strategy, environmental and social duties, and issues affecting the funding of DB pension schemes such as employer covenant and integrated risk management.

Detailed guidance: funding and investment


Trustee Toolkit online learning

Free online learning on defined benefit and defined contribution investment and DB scheme funding. You must log in or sign up to use the Trustee Toolkit.

Trustee Toolkit